News Update

CBIC revises tariff value of edible oils, gold & silverFormer IPS officer Sanjiv Bhatt jailed for 20 yrs for planting drugs to frame lawyerCentre receives Rs 18.5 lakh crore tax revenue upto Feb monthUN says Households waste across world is now at least one billion meals a dayExpert Committee on developing GIFT IFSC as 'Global Finance and Accounting Hub' submits report to IFSCAIndia, China hold fresh dialogue for complete disengagement on Western borders: MEADefence Production issues notification for re-organisation of DGQAThakur says India is prepared for 2036 OlympicsCBDT substitutes Form in ITR-5EV Revolution: Lessons for India to learn from US and China!London court green-signals auction of luxury apartment of fugitive Nirav ModiGovt consults RBI; finalises borrowing plan for first half of FY 2024-25Gadkari says Farmers’ protest is politically-motivatedVP calls upon women entrepreneurs to be 'Vocal for Local'America offers USD 10 mn bounty for information on ‘Blackcat’ hackers after UnitedHealth gets hitI-T- The order of the ITSC can only be reopened in cases of fraud or misrepresentation: HC8 persons including Hezbollah militants killed in Israeli strike on LebanonMacron pillories EU-South Africa trade deal; calls it ‘really bad’ in BrazilThailand’s Lower House okays Bill to legitimise same-sex marriageYellen warns China against clean energy dumpingMilky Way’s central black hole - Twisted magnetic field observedCus - Assessee has not proved beyond reasonable doubt that goods in question imported under air way bills/bills of entry were in fact filed by him and hence the only natural corollary available to Revenue is confiscation of same: CESTATSmall investors help Trump Media’s valuation skyrocket to USD 13 billionJustice Ritu Raj Awasthi joins as Judicial member of Lokpal
 
Page 322
Bangalore, June 03, 2016
I-T - Whether as soon as exports are made, exports incentives are to be accounted for and offered to tax on mercantile basis - YES: ITAT
 
Mumbai, June 03, 2016
ST - In absence of saving clause, new S. 78 shall apply and accordingly penalty of 50% is imposable: CESTAT
 
Chennai, June 02, 2016
CENVAT Credit of Service Tax paid on transportation of goods to sister unit - Credit is admissible at sender's end: CESTAT
 
New Delhi, June 02, 2016
Drawback - Once appeal is allowed, department was not justified in keeping Petitioner's bank account frozen - Order for de-freezing issued: HC
 
Ahmedabad, June 02, 2016
I-T - Whether cost of ESOP can be debited in P&L Account and also claimed as deduction on account of remuneration - YES: ITAT
 
Mumbai, June 02, 2016
CX - Assessee engaged in redrawing wire from alloy steel wire rods & then subjecting it to copper coating & winding - Even if the activity does not amount to manufacture, Cenvat Credit is admissible in terms of Rule 16: CESTAT
 
Mumbai, June 02, 2016
ST - EA-2000 audit is an extensive audit of records of assessee - Upon its completion if no objection is raised, demand issued by invoking extended period is unsustainable: CESTAT
 
Chandigarh, June 01, 2016
I-T - Whether if Revenue's counsel has failed to add back sum debited to P&L A/c which were inadmissible, such an error cannot be attributed to assessee - YES: HC
 
Mumbai, June 01, 2016
ST - As per rule 2(l) of CCR, 2004, Works Contract Services are excluded only when used for construction services - Works contract services used for maintenance of office equipment and building are to be treated as Input Services: CESTAT
 
Mumbai, June 01, 2016
CX - It is avowed principle of GOI that exports should not be taxed and, therefore, if credit of service tax paid on fumigation services is not allowed, that would add to cost of goods exported: CESTAT
 
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